发挥担保品专业作用　保障市场化稳健发展（附英文版）_新浪财经

　　党的二十大报告指出：“强化金融稳定保障体系，依法将各类金融活动全部纳入监管，守住不发生系统性风险底线。”在金融监管改革和市场创新的背景下，以债券为主的金融担保品作为优质的风险和流动性管理工具，充分发挥金融市场“内在稳定器”的重要作用，为金融市场的稳定和发展提供新动力。

　　由中央托管机构提供担保品管理服务是兼具安全与效率的最优安排，已成为国际金融基础设施发展的主流趋势。在2008年国际金融危机之后，全球金融监管者重视金融稳定，不断强化担保品管理，逐渐形成中央托管机构提供集中化、专业化担保品管理服务的趋势。由中央托管机构提供担保品管理服务能够有效杜绝担保品资产挪用风险，实现穿透式监管。中央结算公司多年蝉联全球最大的债券担保品管理平台，为金融市场提供第三方担保品管理服务，与多个金融子市场联通合作，建立了全方位、多层次、多领域的服务体系。国际中央托管机构也相继推出担保品管理平台，发挥集中管理的规模经济。

　　持续优化第三方担保品管理应用，更好发挥降本增效作用。在国际市场上，依托三方管理机制，已推出证券借贷、三方回购等产品服务。在国内，中央结算公司推出了通用式担保品管理服务，通过集中、统一的管理安排节省投资者磋商担保品的过程，提高交易效率，降低机构的后台作业成本。作为国内首个标准化的第三方担保品管理产品，通用式服务可以有效整合和规范机构现有的质押券管理环节，提高资产使用效率。其中，中央结算公司利用公允透明的中债估值开展逐日盯市，可实现风险实时监测和担保品最优配置，高效支持风险管理，满足市场安全与效率的需求。后续还将在管理部门的指导下推出高效、便捷的三方回购服务。

　　深化科技赋能，以新技术推动担保品管理效能提升。中央结算公司自主研发、精心打造出一套核心技术自主掌控、关键功能集约统筹的债券担保品管理系统，有效支持了多层级设置担保品管理参数、异常大额数据监测等，实现了担保品差异化精准管理，保障了日益复杂、多元金融交易的安全性。随着金融市场的创新深化以及科技变革的日新月异，自动化、智能化成为全球担保品管理趋势，对金融科技和业务融合提出了更高要求。中央结算公司积极拥抱新兴技术，促进实现担保品管理服务跨市场应用、跨区域联通、跨资产管理。

　　随着全球资本市场的扩张、国内金融市场的深化和国内外市场互动的增强，市场参与方对第三方担保品管理的需求与日俱增。中央结算公司从国家重要金融基础设施支持金融市场安全与创新的战略高度出发，充分发挥中央登记托管的制度优势，建立完善高起点、高速、高质量的担保品管理平台。未来，将持续拓宽担保品服务领域，完善担保品相关制度标准建设，助推市场在更高层次实现安全与效率的协调。

　　◇ 本文原载《债券》2023年8月刊

　　◇ 作者：钟言

　　◇ 编辑：张文　刘颖

　　Enhancing the Role of Collateral Management to Ensure the Steady Market-oriented Development

　　Zhong Yan

　　As stated in the report to the 20th CPC National Congress， “China will reinforce the systems that safeguard financial stability， place all types of financial activities under regulation according to the law， and ensure no systemic risks arise”． Against the backdrop of the reform in financial regulation and market innovation， financial collateral， mainly bonds， as a high-quality risk and liquidity management tool， will be fully utilized to help intrinsically stabilize and incentivize the development of the financial market．

　　The provision of collateral management services by the central securities depository （CSD） is an optimal arrangement that combines safety and efficiency， and has become a mainstream trend in the development course of international financial infrastructures． In the wake of the 2008 international financial crisis， global financial regulators， keenly aware of the importance of financial stability， have continued to strengthen collateral management， thus giving rise to a prevailing practice in which the CSD provides centralized and professional collateral management services． Such an arrangement can effectively eliminate the risk of collateral assets being misappropriated and realize look-through supervision． China Central Depository & Clearing Co．， Ltd．（CCDC） has been recognized as the world’s largest bond collateral management platform for many years and has established an all-encompassing service system that covers multiple levels and fields by providing third-party collateral management services in the financial market and getting connected to or partnering with a number of financial sub-markets． Globally， many international CSDs have also launched collateral management platforms one after another， giving play to the scale effect of centralized management．

　　Third-party collateral will be better managed and utilized to play a greater role in reducing costs and increasing efficiency． In the international market， there have been such products and services as securities lending and tri-party repurchase （repo）， which were introduced relying on the third-party management mechanism． Domestically， CCDC has unveiled a general-purpose collateral management service， which saves investors the process of negotiating collateral through centralized and uniform management measures， improving transaction efficiency and cutting back-office operational costs for institutions． As the first standardized third-party collateral management product in China， the general-purpose collateral management service allows institutions to effectively streamline or standardize their existing pledged bond management processes， a prerequisite for utilizing assets more efficiently． Specifically， CCDC uses the fair and transparent ChinaBond valuations to implement the market-to-market strategy． In this way， it can realize real-time risk monitoring and optimal allocation of collateral assets， efficiently support risk management， and cover the needs of the market for security and efficiency． Looking into the future， CCDC will launch efficient and convenient tri-party repo services under the guidance of the competent authorities．

　　New technologies will be used to empower collateral management more efficiently． CCDC has independently developed a bond collateral management system with core technology under its control and key functions intensively coordinated， which could effectively support the multi-level setting of collateral management parameters， monitoring of data on abnormally large-value transactions， etc．， realize differentiated and precise management of collateral， and ensure the security of the increasingly complex and diversified financial transactions． With the continuous innovation in the financial market and the ever-developing science & technology， automation and intelligence have become the global trend of collateral management， putting forward more demanding requirements for the integration of financial technology with business development． CCDC actively embraces emerging technologies to facilitate the cross-market application， cross-region connectivity， and cross-asset management of collateral management services．

　　With the expansion of the global capital market， the development of the domestic financial market， and the enhanced interaction between the two markets， market participants are demonstrating stronger demand for third-party collateral management with each passing day． As one of China’s financial infrastructures strategically important to support the security and innovation of the financial market， CCDC gives full play to the institutional advantages possessed by a CSD to establish a fast-growing and high-quality collateral management platform with a high starting point． In the future， it will continue to march into more fields of collateral service， put in place a complete set of collateral-related systems and standards， and help the market well balance security and efficiency at a higher level．

　　◇ Editors： Zhang Wen， Liu Ying